Question
In 2020, Jack Harris sells capital property with an ACB of $87,200 for $105,300. In accordance with the sales agreement he receives a down payment
In 2020, Jack Harris sells capital property with an ACB of $87,200 for $105,300. In accordance with the sales agreement he receives a down payment of $5,300 in 2020, a second payment of $50,000 in 2021, and a final payment of $50,000 in 2022. What is the minimum amount that Jack will have to include in his income for 2020 as a result of the sale?
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The Handbook Of Financial Instruments
Authors: Frank J. Fabozzi
1st Edition
0471220922, 978-0471220923
